If the percentage change in the quantity demanded is not zero but is less than the percentage change in the price, demand is
A) elastic.
B) inelastic.
C) unit elastic.
D) perfectly elastic.
E) perfectly inelastic.
B
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The population in the current year is 31.5 million and the real GDP is $814 million. The previous year's statistics were a population of 31 million and a real GDP of $800 million
The change in the standard of living, measured by growth in real GDP per person, is A) 0 percent. B) 0.13 percent. C) 1.6 percent. D) 6 percent. E) 7.75 percent.
Because firms in perfectly competitive markets can sell any quantity without driving down prices, they should:
A. produce as much as possible to maximize profits. B. produce at the lowest cost per unit to maximize profits. C. try to flood the market. D. increase quantity until the additional profit it earns on its last unit sold is zero.
A perfectly competitive firm spends a significant part of its revenue on advertisements, and tries to sell more by reducing its price below the market price
a. True b. False Indicate whether the statement is true or false
Which of the following is a fixed cost?
a. electricity b. worker bonuses c. mortgage on the building d. steel to produce refrigerators